Marijuana Business Magazine - Issue 09, Oct 2017

$450,000 through client contracts. MassRoots CEO Isaac Dietrich said the acquisition will help his company ramp up its “compliance offerings” to customers while also helping his company bolster its income. Cronos Secures $32 Million for Big Indoor MJ Facility Cronos Group secured $32 million (CA$40 million) for the continued construction of its 315,000-square-foot new Peace facility in Stayner, Ontario, which it says is the largest purpose-built indoor cannabis production facility in the world. Cronos, based in Toronto, entered into a commitment letter for $32 million in debt financing with Romspen Invest- ment Corp., which will provide the funds to Cronos’ wholly owned licensed producer, Peace Naturals Project Inc. Steep Hill Labs Raises $2 Million Steep Hill Labs , a marijuana-focused science and technology company, closed a second $2 million investment round. The Berkeley, California-based company said it will use the funding to scale up in California and expand its global footprint. The company, citing investor interest, opened an additional $2 million round of preferred convertible notes. Aphria Invests in Scientus, Unveils Partnership Canadian medical marijuana producer Aphria is increasing its stake in the booming cannabinoid-based extracts market with a $9 million (CA$11.5 million) investment in Scientus Pharma , a vertically integrated biopharmaceutical company. Toronto-based Scientus Pharma conducts research and product development related to medical cannabinoids and their derivatives. The investment is in the form of senior, secured convertible debt. Aphria, based in Leamington, Ontario, said the investment also gives it access to Scientus’ so-called dealer’s license. The holder of such a license is permitted to buy, process and sell cannabinoid derivatives in international markets. Separately, Aphria is partnering with an upstart Cana- dian producer to build a 1 million-square-foot MJ green- house in Leamington. Aphria also is pumping $1.6 million into its new partner, Nuverra Corp. , through a share pur- chase. Nuuvera is in the final stages of the Health Canada review process to become a licensed producer. Company to Acquire New York Licensee iAnthus Capital Holdings is poised to acquire Citiva Medical – one of five companies recently awarded a medical marijuana license to operate in New York – in a deal valued at $18 million.